In the past and even today, a number of lenders and car dealers takeadvantage of members of the military. The biggest culprits have beenthe local used car lots that advertise “buy here, pay here” loans.Young servicemen who do not bring home a lot of money have gottenlocked into loans with 30, 40, and even 50 percent interest rates forpoorly running vehicles. The federal government has cracked down oncompanies trying to exploit military families, and plenty oflegitimate lenders including Auto Credit Financial can help people inall branches of the Armed Services.

Military Finance Specialists

Some dishonest lenders have tried to use the fact that militarymembers move around a lot as a reason to issue unfair car loans.However, reputable lenders recognize that while military members areoften on the move that they are employed by the United Statesgovernment. Thus, if a service member defaults on a loan the companycan get in touch with the Armed Services and petition to garnish aportion of his wages to satisfy the loan. Most military members do notwant trouble with their commanding officers, so they take theirrepayment responsibilities seriously.

The good news is that more and more lenders are recognizing the valueservice members provide to their country and that they have one of themost stable jobs in the world. If you are a member of the military andhave bad credit, you still can probably get a car loan at a lowerinterest rate than a civilian who has a poor credit rating.

When applying for a car loan, have the names and addresses of severalreferences as well as your military ID and any proof of activeservice. This will help reassure any skeptical financingrepresentatives and help you get all the discounts and considerationsto which you are entitled.

Written by Mark Hergert1

Published on 28 July 2012
Hits: 5817

How to get Financed

if you are Self Employed

Before the economic downturn of 2008, it was fairly easy to get into acar loan even if you were self-employed. Unfortunately, someunscrupulous people took advantage of the system and made it much moredifficult for honest self-employed professionals to get car loans.However, if you can prove economic stability companies such as AutoCredit Financial will take a chance with you.

Self-employed people usually do not get a steady paycheck from oneemployer. That fact makes it much riskier for a lender to issue thecar note. You must prove through tax returns, banking accountstatements, and a solid credit rating that you are making money eventhough you do not work with a traditional employer.If you have a history of credit problems and are self-employed, whenit comes to financing a new or used car you have a tough road ahead.

Is the situation entirely hopeless? It depends upon the seriousness ofyour credit problems and how long you have been self-employed.

If youcan prove two or more years of stable income and offer a vehicle tradein or cash down payment, you are much better off than someone whorecently became self-employed with no track record.

The bottom line is if you can prove your self-employed status does notmake it difficult for you to pay bills, you can probably get a loanfor a good used or new car. While you can get a loan without a downpayment, if you can put at least 10 percent of the sticker pricetoward the vehicle purchase you will get an excellent interest rate.

Auto Credit Financial Services.

a Mark Hergert Company

Written by Mark Hergert

Published on 28 July 2012
Hits: 6226

The "Buy Here Pay Here"

Disadvantage

by Mark Hergert CEO

Some people mistakenly believe that they must visit a local “buy here,pay here” lot to buy a car with bad credit. But relying on suchcompanies is a recipe for vehicular and financial disaster.

Most ofthese companies charge interest rates exceeding 30 percent, which makes it very difficult for you to consistently make on-time monthlypayments.

These companies hope that they will have to repossess thecar so they can put it back on the lot, collect a down payment fromanother customer, and repeat the process to earn more money. True lenders such as Auto Credit Financial allow you to buy a new or used car in good condition regardless of your past credit problems.Yes, you will need to prove stable employment and residency.

In most cases, you will get better loan terms if you can trade in a used caror make a cash down payment. But you will not have to pay anywhere near 30 percent for an interest rate, even if you have a credit scorein the 400s. When you are buying a car with bad credit, a little flexibility is important. You might want a brand new BMW convertible but unless you make a healthy income, you will have a very hard time financing it with bad credit. Try a different model of new vehicle or a used BMW convertible if that is what you truly desire.

A good lender will work with reasonable requests, but they will not loan you more money than you can truly afford because they do not want to repossess your vehicle.

®

A Mark Hergert Company 2009-2014

Written by Mark Hergert

Published on 28 July 2012
Hits: 55664

First-Time Car Buyer Programs

Going to college is an exciting yet frightening time for mostteenagers. One of the primary benefits of graduating high school andattending college is independence. Without a good car, independence isdifficult to achieve. Relying on buses, subways, rides from friends orworse family members is a good way to feel that your growth is being stunted.

Buying a car will not only give you independence, but also help buildyour credit rating. A good credit report is essential to your futurein countless ways. These days, many potential employers will checkyour credit to judge whether you are an honest person. As unfair as itsounds, such people will not believe you are a trustworthy person ifyou pay your bills late or do not pay them at all. So, be sure toalways make your monthly car payments on time to avoid creditproblems. Also, if you do not pay a car loan on time the bank canrepossess your vehicle. Thus, you will lose all the money you’veinvested into your vehicle as well as your transportation.

If you have a good part-time or full-time job and been with the same

employer for at least six months, you can probably get a car loanwithout a co-signer. This is great because you are truly assertingyour independence. But if you do not have a steady job, you will needto ask a parent or another family member to apply for the loan withyou. If you fail to make the payments, the lender will pursue the debtwith the person who co-signed on your behalf.

Most car lenders want to see good credit before issuing a loan thatrequires little to no down payment. The beauty of first-time car buyerprograms for college students is that you can get a low interest ratelittle to no down payment, and easy approval as long as you can proveyour ability to repay the loan. Apply Today Auto Credit Financial

Auto Credit Financial

Helping College Student's and First Time Buyers for Over 25 Years

A Mark Hergert Company

Written by Mark Hergert

Published on 17 August 2011
Hits: 5433

Beating Debt with a Stick

By Mark Hergert CEO

Debt is a Product in AmericaThe #1 sickness in America concerning finances right now is debt. Debt is a product in our culture and it is vigorously aimed at you and me everyday, everywhere. As a society, we borrow more money than the last two generations times two and your online credit report reflects these habits! Some companies like Sears make more profit from their credit department than from all the physical products they sell.

30 year vs. 15 year mortgages (an accepted lengthy and very costly way of purchasing a house)

What to do? Well, I hate to give the obvious answer here but how about saving money! Try saving money in a money market account for a couple years and then paying for a slightly used car in cash or with a 50 to 75% down payment. Wow, imagine having that extra money every month that most people dump into their lease or high rate loan. Try saving money for 3-6 months interest and risk free for that thing that you needed and you might find that you can get it cheaper with hundreds OR even that you want to use your hard-earned money for something more practical. Your credit report will thank you as well.

Penny Pinching is Boring!Most people today think that to be frugal one must live out of a shack and only make purchases when they are on clearance (or if it's life or death). Well they're only half right. Have you heard the expression "It's the little things that count"? This holds very true when dealing with financial decisions. While large purchases definitely have great effect on one's online credit report as well as their overall situation, it is often the everyday spending habits that accumulate and hold them back from attaining wealth of any sort. What many people fail to realize is that the majority of true millionaires in America (those with net Worth exceeding 1 million dollars) got rich from thinking outside the box and not following the crowd. Try thinking a little more about how you handle your money and you might find that you know more than you think you do.

Summing Up the Debt Sickness FiascoA decision as simple as using a debit credit card instead of a credit card shows discipline. Report that paying with cash instead of credit shows that you have properly budgeted your money and it just feels better to own something the day you walk away with it. Your credit report will also reflect these positive actions. Since the average consumer has little control over their own spending habits, the credit report picks up the slack and in turn there are more negative items to show for it. Even statistics show that using cash when making purchases will greatly reduce spending thus causing you to think harder as a consumer before swiping that credit card. Get off to a good start by seeing what is on your online credit report. By removing negative items from your online credit report you can improve your credit rating. Apply now for a low rate auto loan today

Credit Information Before You Buy

After years of delays, the credit industry finally agreed to give consumers access to their personal "credit scores." This is important, because lenders use credit scores to determine who to give credit to and at what rates. Knowing your credit score can be empowering,If it's low you can take steps to improve your credit worthiness and if it's high you may be able to use it as leverage when shopping for your next car loan.

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